Security Robot Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The market was valued at USD 8.87 billion in 2020 and expected to reach USD 19.77 billion by 2026, to grow at a CAGR of approximately 14%, over the forecast period (2021-2026). The COVID-19 pandemic has increased the prospect for the introduction of unmanned technologies in the business of private security and asset protection companies.
Also, the authorities in Tunisia have utilized Enova Robotic's P-Guard, a rugged machine built for multi-terrain applications, according to a release from the company's partner for cameras, VIVOTEK. The robot is equipped with dual 4-megapixel wide-angle lenses, 180-degree panoramic views, and IR illuminators that are effective up to 20 meters. Such trends are expected to boost the adoption of security robots, especially during the pandemic.
Key HighlightsThe global security robots market is highly fragmented, with the presence of several new entrants and start-ups in the developed regions. Relatively high barriers to entry and exit lead to higher market penetration. However, the tendency to vertically integrate across different segments of the value chain tends to offer a competitive edge to leading vendors in the market. Some of the key players in the security robot market are Lockheed Martin Corporation and Northrop Grumman.
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